GeM portal marks over ten fold growth in two year, Rs 80K crore saved so far

The data further highlights that the GeM portal has achieved a Gross Merchandise Value (GMV) of 4 lakh crore in the single financial year 2023-24.

Since its inception, GeM has processed over 2.1 crore orders, totaling an order value of Rs 8 lakh crore. The contribution of Services and Products in the Gross Merchandise Value for the year 2023-24 stands at 51% to 49%.

Highlighting its support for Micro, Small, and Medium Enterprises (MSMEs), the data also showed that over 3.9 lakh crore worth of orders have been awarded to MSME firms through the portal.

The data also indicates a significant increase in the daily order value on the GeM portal, rising from Rs 106 crore in 2021 to Rs 1106 crore in FY 2023-24, marking a growth exceeding tenfold in just two years.

On March 29, GeM reported that procurement of services through the GeM portal witnessed a 205 per cent growth in the current financial year 2023-24.

Government e-Marketplace (GeM) closed the current fiscal year on a high note, crossing the milestone of Rs 4 lakh crore in Gross Merchandise Value (GMV). The surge in GMV can be attributed to the substantial increase in the procurement of services through the GeM portal, which witnessed a staggering 205 per cent growth compared to the previous fiscal year.

According to the official data the GeM portal has reportedly saved more than Rs 80,000 crore worth of public money since its inception.

The expansive network of stakeholders on GeM, comprising over 1.5 lakh government buyers and 21 lakh sellers and service providers, has been instrumental in achieving this feat.

With over 12,070 product categories and 320+ service categories, GeM has emerged as a one-stop solution for seamless public procurement, offering sellers and service providers across the nation an opportunity to showcase their products and services transparently. (ANI)